22 Jun

Barclays cuts mortgage rates 'to help people with small deposits'

Barclays cuts mortgage rates 'to help people with small deposits'

Barclays has announced that it is cutting rates on its highest loan-to-value mortgages in an attempt to help people get on the property ladder.

From Wednesday (June 23rd), the lender will reduce its Woolwich mortgage rates by up to 0.7 per cent to encourage higher loan-to-value lending.

Head of mortgages for Barclays Andy Gray said: "The improvement to the highest loan-to-value products will be welcomed by those with smaller deposits, but who still need the certainty of a fixed rate."

People with a two-year fixed-rate 80 per cent loan-to-value mortgage can expect to see a reduction of 0.7 per cent, while customers on a three-year loan will benefit from a cut of between 5.29 and 4.59 per cent.

Last week, director of MyMortgageDirect Stuart Inman suggested that high deposits remain a problem for the property market, with fewer people being able to save enough to buy a house despite the reasonable mortgage rates that are available at the moment.
ADNFCR-1222-ID-19852487-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.